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Mortgage debt forgiveness is on the line

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Homeowners who sold their principal residences short or lost them to foreclosure have benefited from the Mortgage Forgiveness Debt Relief Act of 2007. But the law expires at the end of 2012, meaning that those households who experience a short … Continue reading
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Government watchdog proposes safeguards

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The Consumer Financial Protection Bureau aims to safeguard borrowers from risky mortgages. Just this Monday, the CFPB, the government’s consumer watchdog, made a proposal that includes, but is not limited to, these provisions: Ban on balloon payments Prohibition of prepayment … Continue reading
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Record low mortgage rates

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The latest Freddie Mac report shows all-time low mortgage rates, reports the Los Angeles Times. Lenders were offering 30-year fixed loans to credit-worthy buyers at 3.66% and the 15-year fixed mortgage at 2.94%, on average. Here are the specific figures for the week … Continue reading
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Borrowers want shorter loan terms

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About 31 percent of all those who refinanced in the first quarter of this year cut their mortgage terms from 30 years to 15 or 20, according to Freddie Mac, reports the New York Times. This marks the second highest level … Continue reading
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